Fountain Powerboat Industries said this morning that a recent auditor’s opinion raising concerns about the company’s finances is a “formality.” “This is the second year in a row we’ve had a net loss,” Irving Smith, Fountain CFO, told Soundings Trade Only this morning. “Based on that, the auditor is required to put a going concern…more
Earnings and Analysts
Quarterly earnings statements from public companies and periodic reports from analysts reveal the health and direction of the industry.
Marine industry leaders are taking a wait-and-see attitude on how they may be affected by the latest federal buyouts to help shore up lending institutions and financial markets. “It’s early yet, but I’m encouraged by the way the markets are reacting,” Jim Coburn, president of the National Marine Bankers Association, told Soundings Trade Only this morning.…more
Despite a 2 percent drop in sales and a net loss of $6 million for the second quarter, Brunswick Corp. executives remain upbeat about the company’s efforts to reduce inventory pipeline, cut costs and remain profitable in the current economic downturn. “We had a solid quarter in a difficult economic climate,” chairman and CEO Dustan…more
The confidence of CEOs crept up a notch in the second half of 2008, according to the Conference Board’s Measure of CEO Confidence. The confidence level of chief executives inched up to 39 in the second quarter, compared to 38 in the previous quarter. (A reading of more than 50 points reflects more positive than…more
West Marine today reported an 8.3 percent drop in sales for the second quarter ending June 28 because of continued weakness in the U.S. marine market. “Net sales results during the second quarter were below our expectations,” said CEO Geoff Eisenberg in a statement. “Now that we are in the peak boating season, we continue…more
New boat sales posted significant declines in the first quarter of 2008, according to Statistical Surveys. The information is based on registration data from 46 states, representing 96 percent of the U.S. boat market. “New boat sales for the quarter reflect the combined impact of a sluggish economy, tighter credit policies due to the mortgage…more